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Exercise 12-10 Share transactions, distribution of dividends, equity LO1, 2, 3, 4, 5 Selected T-accounts...

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Accounting

Exercise 12-10 Share transactions, distribution of dividends, equity LO1, 2, 3, 4, 5 Selected T-accounts for Jade Mineral Corporation at December 31, 2023, are duplicated below. Preferred Shares, $6 cumulative 10,000 shares authorized 8,800 shares issued 218,240 Dec. 31/22 Bal. 218,240 Dec. 31/23 Bal. Common Shares, 50,000 shares authorized 45,000 shares issued 576,000 Dec. 31/22 Bal. 576,000 Dec. 31/23 Bal. Retained Earnings 134,000 Dec. 31/22 Bal. ? Dec. 31/23 Bal. Note: Dividends were not paid during 2021 or 2022. Dividends of $5.60 per common share were declared and paid for the year ended December 31, 2023. 2021 was the first year of operations. All shares were issued in the first year of operations. Required: Using the information provided, answer the following questions. 1. What is the total amount of dividends that the preferred shareholders are entitled to receive per year? 2. Are there any dividends in arrears at December 31, 2022? If yes, calculate the divide

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